Kakao Cloud Completes Financial Security Agency CSP Safety Evaluation... Targeting Financial Market

Kakao Enterprise announced on the 29th that it has successfully completed the 'Cloud Service Provider (CSP) Safety Evaluation' conducted by the Financial Security Institute.

The Financial Security Institute is entrusted to conduct the CSP safety evaluation required for domestic financial-related companies when using commercial cloud computing services, in accordance with the Electronic Financial Supervisory Regulations. Kakao Enterprise conducted self-assessments and on-site evaluations of Kakao Cloud as mandated by the regulations from the Financial Security Institute.

The CSP safety evaluation by the Financial Security Institute establishes common evaluation criteria necessary in the financial sector to support the adoption of secure cloud computing services by financial companies. Kakao Cloud received a high-level rating in the Financial Security Institute’s evaluation.

By completing this CSP safety evaluation, Kakao Cloud has secured high reliability and can significantly shorten procedures when financial institutions intend to adopt Kakao Cloud. For example, financial companies no longer need to individually request documents from multiple CSPs or compare security requirements each time they adopt a cloud service for business use. Instead, they can simply receive evaluation materials and quickly conduct security reviews through the ‘CSP Safety Evaluation Integrated Support System’ provided by the Financial Security Institute. Kakao Cloud plans to actively leverage the strengths of this CSP safety evaluation to target the financial cloud market.

Meanwhile, the CSP safety evaluation completed by Kakao Enterprise differs from those completed by other CSPs. Typically, cloud service providers undergoing CSP safety evaluation are assessed only for the specific areas they have separately prepared to provide to financial companies. In other words, they receive evaluation limited to a so-called ‘financial zone’ cloud area.

However, Kakao Enterprise completed the CSP safety evaluation for the entire Kakao Cloud service area, not limited to the ‘financial zone.’ This means that the security features provided to financial institutions, which require the highest level of security in Korea, are equally provided to all customers using Kakao Cloud. In other words, all customers using Kakao Cloud will have excellent security equivalent to the level received by financial companies.

Lee Jaehan, Head of Business Division at Kakao Enterprise, stated, “Kakao Cloud has laid the foundation to target the financial cloud market by successfully completing the Financial Security Institute’s CSP safety evaluation with excellent results. Furthermore, since the CSP safety evaluation has been completed for the entire cloud service area, Kakao Cloud will provide high-level security services equivalent to those of financial institutions to all its customers.”